B08_SOL_Attachment_C-TO_SOW.pdf

PENSION BENEFIT GUARANTEE CORPORATION

Office of Inspector General

TASK ORDER

Actuarial Support Services

STATEMENT OF WORK (SOW)

1.0 PROJECT TITLE ACTUARIAL SUPPORT SERVICES – Task Order 1: Task 1 The Contractor shall review and comment on OIG’s analytical report for an application for Special Financial Assistance (SFA) under section 9704 of the American Rescue Plan Act of 2021

(ARPA).

2.0 SCOPE

In the performance of this Task Order, the Contractor will provide actuarial support services in the multiemployer pension benefit program and assist the Office of Inspector General staff in oversight of PBGC’s review and approval of SFA distributed to poorly funded multiemployer plans.

To ensure successful performance of the Tasks herein, the Contractor must provide personnel with the following required skills and abilities:

Labor Category

Minimum Education

Requirements

Minimum Qualifications

Minimum Specialized Experience

Senior Actuary

Fellow of the Society of Actuaries and an Enrolled actuary

1. 15 years of experience with defined benefit pension plans

2. Possess a complete understanding of Section 9704 of the American Rescue Plan Act of 2021

(ARP).

1. Mastery level knowledge of applicable laws, rules, and regulations.

2. Experience in all aspects of multiemployer pension plans including plan administration, valuation, benefit projections and experience analysis.

3. Mastery level knowledge of development of actuarial and business assumptions for multiemployer pension plans.

Actuarial Analyst

Bachelor's Degree in Actuarial Science or related subjects

1. 5 years of experience with defined benefit pension plans

2. Expertise in pension valuation software package.

1. Knowledge of applicable laws, rules, and regulations.

2. Experience in development of Minimum Required Contributions, zone certificate projections and administration of multiemployer pension plans

PENSION BENEFIT GUARANTEE CORPORATION

Office of Inspector General

TASK ORDER

Actuarial Support Services

3. Experience in analyzing actuarial and business assumptions for multiemployer pension plans.

3.0 SPECIFIC TASKS

The Contractor will provide actuarial support services with expertise in the multiemployer pension benefit program to support OIG’s review and oversight of the SFA Program.

This is task 1 of the actuarial support contract, the contractor is expected to:

• Perform a high level review the SFA application for a medium sized plan, including reasonableness of assumptions, the amount of SFA and the actuarial projections used for the determination of SFA.

• Develop actuarial analyses to validate reasonableness of actuarial projections.

• Peer review OIG’s analytical report for this SFA application, opine on OIG’s findings and provide recommendations for improvement

4.0 DELIVERABLES AND DELIVERY SCHEDULE

Deliverables will include written comments on the application review, supporting actuarial analysis and opinion and suggestions on OIG’s analytical report.

If an unanticipated problem or obstacle arises creating a delay in meeting the estimated completion date, the Contractor should notify the OIG within 2 business days and should be prepared to discuss options to resolve the problem(s). The OIG will work with the Contractor to get the specific task on-track and adjust priorities and due dates accordingly.

5.0 GOVERNMENT-FURNISHED PROPERY (GFP)

PBGC OIG will furnish or provide access, to the extent available, copies of regulations, procedures, policies, other materials, administrative support and/or equipment (e.g., laptop) necessary for the contractor to perform the work required by this contract.

6.0 PLACE OF PERFORMANCE

Work required under this task order may be performed at Contractor’s worksite, at Pension Benefit Guaranty Corporation (PBGC) Headquarters, 1200 K St, NW, Washington DC, and/or via telework.

Normal business hours for the purpose of this requirement are from approximately 8:00 a.m. to 4:30 p.m., with flexibility for the start/stop times.

7.0 PERIOD OF PERFORMANCE

The period of performance for this Task Order is date of award with a delivery date no later than September 30, 2022.